FinCen Reporting: What it means for your LLC
Вставка
- Опубліковано 30 лип 2024
- Are you starting your own LLC? The 2021 Transparency Act has a new FinCEN reporting requirement-following this requirement correctly as you set up your own LLC is essential for your success. Lee breaks down what FinCEN is, what the new requirement means for you as you register your LLC, and how to avoid paying thousands of dollars in fees by reporting your LLC completely and correctly.
Lee has the knowledge and experience to help you set up your LLC to build and protect your wealth. Subscribe and turn on notifications to stay up to date with LLCs and the relevant laws. Check out Lee’s website at legalees.com to see how Lee can help you protect and grow your wealth a lot faster.
0:00 Privacy is dead
0:30 FinCEN
1:27 Register beneficial interest
1:50 What want know
2:05 Direct or indirect
2:40 When report by
3:40 Penalty
4:18 Existing entities
4:41 Exceptions: 6 criteria
6:20 Trust not register
6:45 DBA
6:58 Multiple LLCs
7:51 Over 5 owners
For More Resources...
Tax Planning: legalees.com/tax-planning/
Estate Planning: legalees.com/personal-planning/
Business Planning: legalees.com/business-planning/
What if your living revocable trust is the owner of an LLC? Although you don’t register a trust with a state entity, you do of course register the LLC with a state entity. Thank you again Lee, your wisdom is always beyond invaluable.
@legalees - Would appreciate your input on this
Wow. Thank you Lee for your diligence in sharing this information!
Thank you again Lee on another great informative video. Thank you.
I just filed my boir initial form for 2024 online. It was quick and easy.
Where is the on line site to register?
Wow man this is fantastic information. As a start up without any lawyers I definitely would not have looked into this and the govt would’ve eaten my profits.
Your information is so valuable! I greatly appreciate you.
Thank you! This helped a lot as I filled out the BOI form online and submitted it. Although I do think it is ridiculous we have to even file this, there was no new information that they wouldn't have from my original formation of my company. Makes no sense!
An LLC is owned by a trust. Who registers, the Trustee, the beneficiaries (logical) or BOTH? What if the beneficiaries are minors and/or have little or no knowledge of the LLC which is only used to hold brokerage account assets? Thanks.
Setting the stage for a wealth tax based on assets rather than realized profits?
exactly
What if someone has a subsidiary DBA/ ASN under their LLC? Must that be reported also? So glad you’re on top of all this stuff and keeping us informed. Thank you for all you do. 😊
If the DBA (doing business as) is an LLC DBA, is will have to be reported as part of your LLC BOIR (beneficial ownership interest report). If it is a DBA under a sole proprietorship without an LLC involved, it won’t have to be reported.
Lee, I love your videos, however this does not sound that unusual to me. I live in a state for example where every year I need to update my LLC ownership information with an "annual report" to the state. Is this really any different? What am I missing?
This is reporting to the feds. It goes to anyone with a “beneficial ownership interest” in the company. Who gets money? Who is behind setting up the company, not just the listed owners. Who benefits from this company anyway?
@@Legaleescorp Thank you. But How is the person supposed to report this? I mean as a single member/sole proprietor LLC, it all gets reported on income tax anyway so doesn't that count as "reporting"?
I have LLC for driving my own semi truck. I’m the only member. Do I need to file boi? I also file franchise tax annually
It appears to be a violation of the 5th amendment. The right to not self incriminate.
I just started my llc.im the owner of the company just me.i filled on 1-19-24.im waiting for the paperwork to be filled with florida also waiting for my ein from irs do i need to fill out the boi because if i need.Im not sure how to fill it out
You need to register the company with FinCEN within 90 days of the filing.
Where can I register online?
Do you have to report if your Business will close in 2024?
I am not sure if the business is closing in 2024. I would assume not.
What is I haven't applied for my EIN yet?
It is based on state registration of the entity, not tax status. For example, you can have an LLC taxed under your Social Security number, but it will still need to be registered, because the LLC is filed with the state.
Wouldn’t it make more sense to ask the states to turn over that information which they already have for all businesses registered in the state?
No, because FinCEN wants a lot more information than the states have got. They are looking for the beneficial owners and influencers, not just the recorded owners. And most states don't record the owners, just the registered agents.
When did they created this agency? Where they get the money from to fund this? $500 a day 🤔 what will they do with that money
They buy yachts and stuff with your $
FinCEN has been a part of the Treasury Dept for a long time. Congress gave them the money to fund it.
Who put this law in effect???
US Congress. Corporate transparency act of 2021 authorized the US Department of Treasury through its FinCEN division to enforce it.